Philadelphia is the Top Emerging Startup Ecosystem in the US, Report Says

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A startup research firm released a report saying that Philadelphia is the top emerging startup ecosystem in the U.S.

Startup Genome released the Global Startup Ecosystem Report, including a list of the top 100 emerging startup ecosystems in the world. The emerging ecosystem list highlights metropolitan areas that are “gaining relevance and impacting economies in a meaningful way,” according to the report. 

Globally, Philadelphia ranks number 8 behind Mumbai, Jakarta, Zurich, Greater Helsinki, Guangzhou, Barcelona, and Madrid. Other high-ranking U.S. ecosystems on the emerging ecosystems list were the Research Triangle area in North Carolina (#10), Portland (#15), Detroit (#17), and Minneapolis (#19). 

Startup Genome utilized a range of data sources to rank ecosystems, including Crunchbase, Orb Intelligence, PitchBook, Dealrom, and local regional partners. The report also incorporated Startup Genome’s own proprietary data from interviewing experts and a two-year startup ecosystem survey. 

The data was used to establish four “factor scores” to rank performance, funding, market reach, and talent, all on a scale out of ten. While Mumbai scored a ten on each of the factors, Philadelphia scored a nine in performance, ten in funding, eight in market reach, and nine in talent. 

The report also provided individual rankings of each emerging ecosystem’s total value and early-stage funding. Philadelphia ranked number 8 in the list of top ecosystems with total early-stage funding, with about $276.7 million invested in early-stage startups from 2017 to 2018.

Read the full report.

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